CHARLOTTE, North Carolina (WBTV) – The Charlotte area, including Concord and Gastonia, ranks 7th among the best places in America to find a job, according to a recent study.
MoneyGeek, a business based on financial decision making, compared more than 50 cities with a workforce of at least 500,000 people and analyzed five economic factors, including wage and employment growth, the unemployment rate, the size of the workforce and the affordability of the housing, to rank the best cities in the United States for job seekers.
Charlotte compiled a total overall score of 83.1, enough to place the city in 7th place in the standings. This put them between Tampa, Florida and St. Louis, Missouri.
When it comes to job growth, MoneyGeek explained that there are many reasons why cities grow and that one of the most important actions that drives job growth is when a city attracts a large employer.
“Research has shown that most of the growth in income inequality over the past 40 years in America has occurred between firms, not within them,” says Jon Thompson, assistant professor at economics at Willamette University in Oregon.
The study explained how 2020 has been a special year for job and workforce growth, as several industries and businesses have been hit hard by the COVID-19 pandemic.
“In 2020 and 2021, we saw several major metropolitan areas, such as New York, Los Angeles, Las Vegas and Chicago, fall to the bottom. They are all major entertainment hubs, and closures and closures of hotels, restaurants, theaters, and other related businesses likely play a role in their lower ranking. As a result, this may indicate a temporary change as we recover from the economic losses associated with the pandemic, ”the analysis says.
- The first factor is employment growth and integrates the evolution of job creation and the evolution of wages.
- The next consideration is competition for jobs and includes the unemployment rate as well as the overall size of the employment figures reflecting greater absolute availability of jobs.
- The last factor is housing affordability, and it captures the ratio of wages to rents to indicate the cost of living of an area.
Only metropolitan statistical areas with a workforce greater than 500,000 were included in the ranking, MoneyGeek said on the website.
To read the full study and analysis, Click here.
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